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The Productivity Myth

Nice piece by Tony Schwartz over at Harvard Business Review:

So here’s the paradox: Americans are working 10 percent fewer total hours than they did before the recession, due to layoffs and shortened workdays, but we’re producing nearly as many goods and services as we did back in the full employment days of 2007.

Fed Chairman Ben Bernanke called these gains in productivity “extraordinary” and unforeseen at a recent Senate hearing.

There’s a simple, visceral reason for the gains, Mr. Chairman, and it’s called fear.

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